OKEx CEO Says Exchange Updating Procedures to Prevent Repeat of Withdrawal Freeze Issue

OKEx CEO Says Exchange Updating Procedures to Prevent Repeat of Withdrawal Freeze Issue
(Piotr Swat/Shutterstock)

Jay Hao, CEO of Malta-based cryptocurrency exchange OKEx, said his firm has taken steps to ensure the issue that caused a freeze of over five weeks in cryptocurrency withdrawals cannot reoccur.

In an , a transcript of which was published on Wednesday, Hao said the incident led the exchange “to make several improvements in our internal processes.”

“I think that the incident highlighted several very important points. It exposed some weaknesses in our internal processes, which we are now steadfast in correcting,” he said.

The CEO stressed that user funds had never been in jeopardy and that OKEx maintains backups of the crypto private keys. He didn’t explain why they couldn’t be used in this incident, however.

On Oct. 16, OKEx was forced to due to one of the key holders being held by authorities and “cooperating” with an investigation. The exchange managed to on Nov. 27, with OKEx saying the keyholder had been released and had not been involved in any wrongdoing or illegal activities.

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